German probe finds no collusion by FT reporter on Wirecard
Dan McCrum wrote reports about Wirecard that, citing evidence from whistle-blowers, allege financial and accounting irregularities
Berlin — The Financial Times (FT) said on Thursday that an independent investigation of its coverage of German payments company Wirecard found no evidence that its reporters had colluded with speculators.
Editor Lionel Barber, in an e-mail to staff, said the two-month probe by law firm RPC had found that “the evidence does not support claims of collusion between FT investigative reporters and investors trading in Wirecard”.
No comment was immediately available from Wirecard, a Munich-based fintech that was admitted to Germany’s DAX 30 blue-chip share index in 2018.
Barber called in RPC after German newspaper Handelsblatt reported on July 21 that Wirecard had given evidence to German prosecutors of suspected collusion between short-sellers seeking to profit from share-price falls and FT staff.
“I am satisfied that there is no foundation to support the allegations of collusion leveled against our reporters by Wirecard,” Barber wrote in the e-mail seen by Reuters. “We stand by our journalism.”
FT reporter Dan McCrum published a series of investigative reports into Wirecard in 2019 that, citing evidence from whistle-blowers, allege financial and accounting irregularities at entities the company controls in Asia and the Middle East.
His first piece, at the end of January, alleging fraud and creative accounting at Wirecard’s Singapore office wiped up to $10bn off the fintech’s stock market value and triggered a police investigation in the Asian city-state.
Wirecard denies the allegations and has filed a suit at the Munich regional court against both the FT and McCrum, seeking a ruling on the merits of its case. If it wins that case, Wirecard says it will seek financial redress.
The Munich public prosecutor, acting on a complaint by financial regulator BaFin, is, meanwhile, investigating suspected manipulation in Wirecard stock. According to sources close to the investigation, McCrum is named as a suspect.